Luxury products giant LVMH, which is a barometer for the global retail industry, yesterday put some glamour in the economic gloom, with strong sales and operating profit, and forecasts of more growth.
LVMH reported an 8 percent rise in sales for the fourth quarter of 2002
to e3.84 billion (R37 billion) and forecast an increase in operating profit for 2002 of at least 25 percent from the 2001 figure of e1.56 billion.
Sales for the whole of 2002 rose 4 percent to e12.69 billion.
Sales accelerated in the fourth quarter and the company expected significant growth in operating profit for 2003 despite difficult economic conditions.
LVMH is seen as a barometer of vigour in the global retail industry, particularly the travel and tourism sector because it does good business in duty-free outlets and luxury shops visited by travellers. - Sapa-AFP, Paris
Publisher: Sapa
Source: Sapa
Retail barometer LVMH lightens the gloom.
Posted On Monday, 27 January 2003 10:01 Published by eProperty News
Luxury products giant LVMH, which is a barometer for the global retail industry, yesterday put some glamour in the economic gloom, with strong sales and operating profit, and forecasts of more growth.
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